CMA CGM's debt plan at risk amid virus fears

The coronavirus outbreak is threatening to scupper a debt refinancing for the world’s fourth-largest container shipping company.

Photo: PR-FOTO

France’s CMA CGM SA is aiming to start refinancing its debt pile by the end of next month. The Marseille-based company, one of the biggest maritime carriers out of China, is seeking to extend about USD 400 million of loans and is also in talks with creditors to refinance about EUR 725 million (USD 784 million) of bonds due in January.

"I don’t see a bond refinancing in the near term," said Jan Patteyn, a credit analyst at Octo Finances in Paris. "The coronavirus adds uncertainty to the sector and should weigh on CMA’s first quarter results."

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